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29 Nov 2019

Why would Tommy Watson eventually reach the point of negative marginal utility at an all-you-can-eat restaurant?

Explain the water-diamond paradox.

If demand is elastic and price is raised, what happens to total revenue? Can you prove this?

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Sixta Kovacek
Sixta KovacekLv2
17 Dec 2019
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Related questions

Explain the law of diminishing marginal utility. Why would you eventually reach the point of negative marginal utility at an all-you-can-eat restaurant? Please do not copy and paste. Original answer

  1. If demand is elastic and the price is raised, what happens to total revenue? Can you prove this?
  2. What are the major determinants of the elasticity of demand?

1. Explain the law of diminishing marginal utility, and give an example to illustrate it.

2. If demand is elastic and price is raised, what happens to total revenue? Can you prove this?

3. Estimate your elasticity of demand for (a) gasoline; (b) cigarettes; (c) video rentals.

4. Why is industry supply more elastic in the long run than in the short run, and more elastic in the short run than in the market period?

5. How do the relative elasticities of demand and supply affect the relative tax burdens of the buyer and the seller?

6. What are the major determinants of the elasticity of demand?

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